Best personal loan apps in India - 2020

A personal loan is a simplest and easiest way to get quick cash in case of any emergency. Using a personal loan app you can apply for a loan instantly without visiting any bank. The whole online process makes it easier to avail loans without much hassle. To facilitate the process of personal loan application most lenders have their own apps which help in a quick approval of loan application and tracking of your credit. We have combined the list of top personal loan apps you can currently use in India to get a personal loan instantly online. these apps will help customers to check the eligibility instantly and send a loan application by submitting only a few documents. This list is in no particular order however it compiles the best personal loan apps in India which you can use for getting a quick loan without any collateral.

  1. Credy

    Credy has one of the fastest loan application process which is approved within a minute. Credy also offers one of the most affordable personal loans with flexible tenure and added benefits. Using the Credy app you can quickly check your eligibility send an application track your credit pay your EMI are managerial loan in simple steps.

    Terms of Personal Loan from Credy

    • Must be a citizen of India.
    • Having a monthly salary of 15000 rupees or above.
    • Living in the following cities: Pune, Mumbai, Bangalore, Hyderabad and Chennai.
    • The minimum amount permissible for a personal loan is rupees 10000.
    • The maximum amount permissible as a personal loan from Credy is rupees 1Lakh.
    • Credy offers flexible tenure for repayment of the personal loan.
    • No hidden charges with an affordable interest rate ranging from 1 to 1.5 % per month.
    • EMI can be paid directly using the app.
    • Get loan approval within a minute using the Credy App.
  2. KreditBee

    KreditBee offers three types of personal loans for customers in India. You can get a Flexi personal loan without any salary account up to rupees 50000. Whereas a salaried person can take a personal loan up to 2 lacs for a tenure ranging from 3 to 15 months at an affordable interest rate.

    Terms of Personal Loan from KreditBee

    • The whole loan process is online.
    • Getting a loan from KreditBee requires minimum documentation.
    • We can get the fund transfer directly into the bank account almost immediately after approval.
    • Using the KreditBee app you can shop on your favorite websites like Amazon, Flipkart, etc and use KreditBee eVoucher to pay the amount later in equal EMI.
    • You can get a loan up to 50000 rupees without the need for a salary account, unlike other lenders.
  3. MoneyView

    You do not need a credit history to take a personal loan from MoneyView. MoneyView offers personal loans up to rupees 50 lacs approved within hours for a tenure up to 60 months. MoneyView uses the proprietary system reading your bank SMS which is allowed them to understand a customer’s creditworthiness.

    Terms of Personal Loan from MoneyView

    • You can take a personal loan ranging from ₹10,000 to ₹5,00,000 directly using the app.
    • You can choose a loan tenure from 3 months - 60 months.
    • Flexible Interest rates from 16%-36% per annum.
    • The processing fee varies from 2.5% - 4%.
  4. PaySense

    PaySense offers personal loans up to Rs 5 lacs approved within 2 hours directly using the personal loan app from PaySense. You can choose from the flexible tenure for repayment of your personal loan at affordable interest rates. Unlike other personal loan apps, even a self-employed person can apply for personal loans on PaySense.

    Terms of Personal Loan from PaySense

    • Anyone living in India can apply for a personal loan from PaySense.
    • You must be above 21 years old and not above 60 years to get a loan from PaySense.
    • A self-employed with monthly earning of 15000 rupees and above can easily apply for a personal loan up to 5 lacs directly using the personal loan app.
    • There is a flexible interest rate applicable starting from 13 % per annum.
    • PaySense is currently operational in 50 plus cities in India.
  5. MoneyTap

    You can get a personal loan from rupees 3000 to Rupees 5 lacs approved within 4 minutes using the app. It offers a flexible loan repayment tenure with variable interest rates. On MoneyTap you only pay interest for the amount utilized and not the whole amount.

    Terms of Personal Loan from MoneyTap

    • You need to be above 23 years old and residing in the 40 + city is Moneytap is serviceable currently.
    • You can borrow any amount from rupees 3000 to 5 lacs transferred directly to the bank account.
    • They have a flexible loan tenure ranging from 2 to 36 months.
    • The interest rates are variable from 13 % to 24.3 % per annum.
    • You need to have a salary of Rs 20,000 or above per month to be eligible for a personal loan from MoneyTap.
  6. CASHe

    CASHe uses a completely different method to determine the creditworthiness of a customer, unlike other lenders. They call it Social loan quotient (SLQ), this helps them to better understand the customers and provide them with the best personal loan offers. CASHe uses a fully automated system that cuts down manual interaction and speeds up the loan approval process. Currently, anyone with the salary of rupees 15000 above monthly can easily apply for a personal loan from CASHe using their personal app.

    Terms of Personal Loan from CASHe

    • Minimum salary of rupees 15000.
    • You need to upload all your documents online to get approval for your personal loan application.
    • As the whole process is automated the loan amount is disbursed within 10 minutes from sending application through the personal loan app.
    • CASHe offers flexible repayment options for you to choose the one that suits best.
    • You can apply for a loan ranging from rupees 9000 to rupees 3 lacs instantly using the app.
    • You can apply for a personal loan anywhere in India using the CASHe personal loan app.
  7. EarlySalary

    EarlySalary provides personal loans to customers who do not have a past credit history or a first-time borrower. It uses SocialWorth Score to determine credit worthiness of a customer and provide him with the best personal loan offers. You can get a loan up to rupees 2 lacs transferred directly to your bank account within 10 minutes.

    Terms of Personal Loan from EarlySalary

    • Having a take-home salary of rupees 18000 per month in metro cities and rupees 15000 per month in other cities.
    • You can get a personal loan from EarlySalary if you are above 18 years and have a valid PAN card.
    • You can get a personal loan disbursed in your bank account within 10 minutes by uploading only five documents online.
    • You can use the EarlySalary limit shop on popular websites like Amazon Flipkart, etc and pay back the amount in easy EMI at a 0% interest rate.
  8. Dhani

    With Dhani, you can get a personal loan up to Rupees 15 lacs without any collateral at affordable interest rates instantly through the app. There is no foreclosure on the loan amount below Rupees 20000. You can get the loan approval and receive the amount in your bank account within minutes using the personal loan app.

    Terms of Personal Loan from Dhani

    • You can get a personal loan from rupees 1000 to Rupees 15 lacs at an affordable interest rate of 1% to 3.17% per month using the Dhani app.
    • No physical documentation is required for approval of your loan. All you need is to upload your documents through the app for verification.
    • Loan prepayment is also selected using the app which makes it easier for paying your EMI is on time.
    • Dhani rewards customers who pay their EMI on time with Dhani credit and other benefits that they can for further use for taking another loan.
    • You can choose from the flexible tenure of 3 to 36 months for repayment of your loan.
  9. mPokket

    mPokket is targeted towards students and professionals who can apply for a personal loan instantly using the mPocket app. Unlike other lenders who only provide personal loans to salaried persons, mPokket allows students above 18 years to apply for a loan. You can choose to get the loan amount transfer directly to a bank account or your Paytm wallet.

    Terms of Personal Loan from mPokket

    • For a student to get a personal loan from mPokket you need to be a college student with a valid student ID and above 18 years of age.
    • Your Credit limit increases as you go on using the app or pay your EMIs on time.
    • Flexible repayment tenure from 61 to 90 days.
    • mPokket uses their property method to determine the creditworthiness of a customer which in other cases would be impossible to grant a loan to a student. It uses bank SMS to understand your spending habits to determine creditworthiness.
  10. Nira

    Nira offers a credit line up to rupees 1 lakh which you can use at any time and pay only for the amount used. Anyone with a monthly salary of rupees 12000 or above can apply for a credit line on Nira. You can choose from the flexible interest rate of 1.5 % to 2.5 % per month applicable only on the amount drawn for use from your approved credit line. You can also use to 0% interest rate EMI to shop on popular apps like Flipkart, Amazon and selected partners.

    Terms of Personal Loan from Nira

    • You can take a loan ranging from rupees 5000 to Rupees 1 lakh instantly using the app.
    • You only have to apply once for approval of your credit line.
    • Once your Credit Line is approved you can withdraw any sum within the credit limit as and when required without any further need for approval.
    • You can choose from their flexible repayment tenure of 3 to 12 months.
    • Eligible for a loan you need to be working from last 6 months and drawing a salary not less than rupees 12000 per month.
  11. LazyPay

    LazyPay provides personal loans up to Rupees 1 lacs on a flexible tenure of 3 to 24 months. Lazypay is a trusted payment option on various top websites like Flipkart, Amazon, Zomato Swiggy, etc. You can also avail of the no-cost EMI option of LazyPay to shop on these websites and pay later using affordable EMI options and flexible tenure. You can get approval from LazyPay in 3 simple steps. If you clear your dues on time and keep using lazy pay your credit limit will be increased automatically allowing you to take a higher loan amount or shop for a higher amount using LazyPay credit.

    Terms of Personal Loan from LazyPay

    • Your credit limit can be instantly approved provided you have the correct documents.
    • The complete procedure is online and can be completed within three steps to get approval for your credit limit on LazyPay.
    • Lazypay offers interest-free shopping on popular websites which can be later repaid in easy EMI.
    • It also offers cardless EMI for shopping and other uses on partner websites or apps.
    • Lazypay offers an auto-debit option for your EMI to ensure timely prepayment to help you increase your creditworthiness which in turn can make you eligible for higher credit limits.
    • After approval, you have instant access to your credit limit or personal loan amount which you can use for various purposes as per your need.

These are some of the top personal loan apps currently available in India suitable for people from different income groups. Unlike traditional banks, most of these personal loan providers will grant credit to customers even without a past credit history. some of them even offer personal loans to self-employed and even students. Using these apps you can easily check your eligibility for a personal loan and apply online without any physical documentation hassle-free on the app. There are many other personal loan apps which two similar jobs of providing quick and instant loans to customers without any collateral at a flexible interest rate and tenure. this list is not in any particular order so keep an eye for a new addition to the list with more and more lenders coming into the scene of personal finance.